Government unveils £200 million package to help innovative businesses bounce back

The Sustainable Innovation Fund will help companies recovering from the impact of coronavirus (COVID-19) keep their cutting-edge projects and ideas alive.

• Almost £200 million boost to help businesses across the UK drive forward cutting-edge new tech and recover from the impacts of coronavirus
• government investment to support innovations ranging from AI systems managing city traffic flows to the latest reusable packaging materials
• research and development (R&D) intensive businesses urged to apply for funding to turn ingenious ideas into new technologies

Innovative ideas and projects led by companies recovering from the impact of coronavirus will not be lost, thanks to a new £200 million fund launched today (Saturday 27 June).

The government’s Sustainable Innovation Fund will be open to companies across all parts of the UK who need urgent financial support to keep their cutting-edge projects and ideas alive.

Funding totalling almost £200 million could go towards developing new technologies focused on making homes and offices more energy efficient to cut bills, creating ground-breaking medical technologies to treat infections and diseases, or reducing the carbon footprint of public transport in our towns and cities.

In a move to support people across the country to establish more ‘climate-positive’ behaviours, businesses and start-ups could also make use of the fund to develop smart sustainability-focused projects – from apps encouraging people to cut down their food waste to sustainable biodegradable packaging.

The Sustainable Innovation Fund will help power the UK’s economic recovery and develop new sustainable opportunities for businesses in any sector following the coronavirus pandemic, while helping the UK meet its ambitions to cut carbon emissions to net zero by 2050.

Dr Ian Campbell, Executive Chair, Innovate UK said:

Many businesses have successfully, and innovatively, responded to the challenges posed by the coronavirus. Organisations will recover from the pandemic, and as the situation stabilises, we will help businesses build an innovative economy that is viable and resilient. Today we issue the call for more innovators to put forward proposals to help the UK build a sustainable and productive future.

This funding, delivered through Innovate UK, forms part of a wider £750 million package of grants and loans announced in April to support innovative firms. This sits alongside the new £500 million Future Fund, which provides match-funding to private investors, and has already received over 500 applications since its launch on 20 May.

Businesses can apply for support through the Sustainable Innovation Fund by visiting the Innovate UK website from Monday 29 June.